Businesses face heightened fraud threats over Christmas

The increase in the number of transactions taking place at this time of year may make it easier for fraudsters to hide illegitimate activities, it has been suggested.

Research from CIFAS (the UK's Fraud Prevention Service) revealed there has been an increase in the number of impersonations in the UK. It advised people to be especially vigilant over the festive period. “It is about being certain about the merchants you are buying things from and being careful and prudent as to what information you are putting out there, whether that is in your Facebook profile or anywhere else.”

According to figures from the National Fraud Authority, identity fraud costs more than £2.7 billion and affects over 1.8 million people every year in the UK. At least £1.9 billion of this is the amount gained by the fraudster. That means that on average, fraudsters gain over £1,000 from every stolen identity; making identity theft a very lucrative industry.

APA